Elevator PitchAt the beginning of June 2020, Luby’s announced that post its strategic review, the Board had decided to sell off its operating divisions and assets and distribute the net proceeds to shareholders.Upon first glance, Luby’s does not look like an attractive investment proposition, however, it has a substantial Real Estate Portfolio that was recently … Continue reading Luby’s (NYSE:LUB)
Author: hiddenvalueblog
Yixin Group Limited (SEHK:2858)
Situation overview On September 13th, 2019 Tencent made a non-binding "take-private" offer for Bitauto at US$16 per share/ADS. This deal looks to have a high probability of closing given Tencent already owns 7.8% of Bitauto and has secured votes from the largest shareholders adding a further 48.5% (JD.com, Li Bin, Cox). As Bitauto is incorporated … Continue reading Yixin Group Limited (SEHK:2858)
Boustead Projects (SGX:AVM)
First a hat tip to @aceglobalvalue and @backoftheenvelo for their extensive notes on BP. I will summarise my thoughts on the situation, but props should go to them for doing the groundwork. Situation Summary Boustead Projects is an OpCo/PropCo idea, with a high probability of the hidden Real Estate value being realised within a year, through … Continue reading Boustead Projects (SGX:AVM)
Connect Group plc (LSE:CNCT)
Connect Group plc Ticker: LSE:CNCT Price: 30p Shares: 247m Market cap: £74m Net debt: £70m EV: £145m Core EBIT: £41m EV/EBIT: 3.5X Core FCF: £28m FCF yield: 35% Thesis Summary Connect Group is a classic GoodCo/BadCo. The GoodCo in this case is Smiths News, the … Continue reading Connect Group plc (LSE:CNCT)
Hostelworld Group plc (LSE:HSW)
Ticker: LSE:HSW Market cap: £110m EV: £90m Normalised EV/FCF: 5X (pre-tax) Summary & Disclosure I own … Continue reading Hostelworld Group plc (LSE:HSW)
Staffline (AIM:STAF)
Overview Staffline has had a tumultuous twelve months to say the least. It all began with an ominous trading update in early January of this year, where they mentioned net debt had spiked to £63m from £37m in the preceding half due to acquisition costs and "exceptional items". Then on the 30th of January, they … Continue reading Staffline (AIM:STAF)
Odds & Ends
I've been pretty slack on the blog front of late, partly because I have not made many substantial investments that have warranted a full write-up, partly because it is summer and I have been on holidays and finally because a decent chunk of my time has been consumed reviewing (and bidding) on some private deals. … Continue reading Odds & Ends
Realm Therapeutics (NASDAQ:RLM) pt.2
Summary The following does not constitute investment advice and represents my opinion - which is biased because I am a shareholder. However, we encourage all shareholders in Realm to exercise their rights as owners of the copy and VOTE in the upcoming shareholder meeting. My firm, BAVARIA Industries Group AG, owns approximately 6% of … Continue reading Realm Therapeutics (NASDAQ:RLM) pt.2
Friends Bank (OTC:FRIE)
Note: this is an extremely illiquid situation. I purchased a few hundred shares over the week following the announcement, but have been unable to acquire any more at a price I consider safe. Therefore, this may not be an overly actionable idea, but is still interesting nonetheless. Business overview Friends Bank (FRIE) is an … Continue reading Friends Bank (OTC:FRIE)
Realm Therapeutics (AIM:RLM)
Disclosure - my firm and I have a substantial investment in Realm Therapeutics. The following should not be viewed as financial advice or a recommendation. Summary Realm Therapeutics, is a broken bio-tech, currently trading at a substantial discount to our estimated cash backing of 16p per share. We believe this opportunity exists for two … Continue reading Realm Therapeutics (AIM:RLM)
